Chapter 3.1, 3.2

How does the increasing use of digital cameras affect the market for traditional camera film? The demand curve for traditional camera film shifts to the left The demand curve for traditional camera film shifts to the right. The quantity of traditional camera film demanded increases The quantity of traditional camera film demanded decreases.

The demand curve for traditional camera film shifts to the left

A supply schedule is the relationship between the supply of a product and the cost of producing the product. is a table that shows the relationship between the price of a product and the quantity of the product that producers and consumers. is a table that shows the relationship between the price of a product and the quantity of the product supplied. is a curve that shows the relationship between the price of a product and the quantity of the product supplied.

is a table that shows the relationship between the price of a product and the quantity of the product supplied.

The demand by all the consumers of a given good or service is the ________ for the good or service. scheduled demand quantity demanded law of demand market demand

market demand

If the price of smartphones was to increase, then the demand for smartphone apps would decrease the quantity of smartphones apps demanded would increase the demand for smartphone apps would increase the quantity of smartphone apps demanded would decrease

the demand for smartphone apps would decrease

A change in all of the following variables will change the market demand for a product except tastes. population and demographics. the price of the product. income.

the price of the product.

If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an increase in the price of the Apple Watch will increase the demand for the Gear S2. decrease the demand for the Apple Watch. increase the quantity demanded for the Gear S2. increase the quantity demanded for the Apple Watch.

increase the demand for the Gear S2.

The supply curve for watches shows the relationship between the quantity of watches firms are willing and able to supply and the quantity of watches consumers are willing and able to purchase. shows the relationship between the price of watches and the quantity of watches supplied. shows the supply of watches consumers are willing and able to buy at any given price. is downward sloping.

shows the relationship between the price of watches and the quantity of watches supplied.

When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect. normal; inferior substitute; complement supply; demand substitution; income

substitution; income

The law of demand implies, holding everything else constant, that as the price of bagels increases the quantity of bagels demanded will decrease. the demand for bagels will decrease. the quantity of bagels demanded will increase. the demand for bagels will increase.

the quantity of bagels demanded will decrease.

A decrease in the price of GPS systems will result in an increase in the supply of GPS systems. a larger quantity of GPS systems supplied. a smaller quantity of GPS systems supplied. a decrease in the demand for GPS systems.

a smaller quantity of GPS systems supplied.

Refer to Table 3-1. The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia) and the rest of the market. At a price of $5, the quantity demanded in the market would be 51 lbs. 63 lbs. 76 lbs 146 lbs.

63 lbs.

Refer to Figure 3-2. An increase in the price of the product would be represented by a movement from A to B. B to A. S1 to S2. S2 to S1.

A to B.

What is the difference between an "increase in supply" and an "increase in quantity supplied"? An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price. There is no difference between the two terms; they both refer to a movement along a given supply curve. There is no difference between the two terms; they both refer to a shift of the supply curve. An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" means at any given price supply has increased.

An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.

Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from A to B B to A D1 to D2 D2 to D1

B to A

Refer to Figure 3-1. An increase in population would be represented by a movement from A to B. B to A. D1 to D2. D2 to D1.

D1 to D2.

Refer to Figure 3-1. A decrease in the price of a substitute good would be represented by a movement from A to B. B to A. D1 to D2. D2 to D1.

D2 to D1

Refer to Figure 3-1. If the product represented is an inferior good, an increase in income would be represented by a movement from A to B. B to A. D1 to D2. D2 to D1.

D2 to D1.

Refer to Figure 3-2. An increase in the number of firms in the market would be represented by a movement from A to B. B to A. S1 to S2. S2 to S1.

S1 to S2.

In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the United States? The supply curve shifted to the right. The demand curve shifted to the left. The supply curve shifted to the left. The demand curve shifted to the right.

The supply curve shifted to the left.

Which of the following would shift the supply curve for MP3 players to the left? a decrease in consumer tastes for MP3 players an increase in the price of an input used to produce MP3 players an increase in the productivity of the workers who produce MP3 players an increase in the number of firms that produce MP3 players

an increase in the price of an input used to produce MP3 players

Which of the following will not shift the demand curve for a good? a decrease in the price of a substitute good an increase in population an increase in the price of the good an increase in consumer incomes

an increase in the price of the good

If in the market for peaches the supply curve has shifted to the left The quantity of peaches supplied has increased. The quantity of peaches supplied has decreased. the supply of peaches has increased. the supply of peaches has decreased.

the supply of peaches has decreased.

What is the difference between an "increase in demand" and an "increase in quantity demanded"? An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. There is no difference between the two terms; they both refer to a shift of the demand curve. There is no difference between the two terms; they both refer to a movement downward along a given demand curve. An "increase in demand" is represented by a movement along a given demand curve, while an "increase in quantity demanded" is represented by a rightward shift of the demand curve.

An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve.

Refer to Figure 3-2. An increase in price of inputs would be represented by a movement from A to B. B to A. S1 to S2. S2 to S1.

S2 to S1.

Holding everything else constant, an increase in the price of MP3 players will result in an increase in the supply of MP3 players. a decrease in the quantity of MP3 players demanded. a decrease in the demand for MP3 players. a decrease in the quantity of MP3 players supplied.

a decrease in the quantity of MP3 players demanded.